SALLIE KRAWCHECK: Here's What I Learned The First Time I Was Fired

There are some things worth being fired
over. Sometimes your personal values don’t mesh
with the company’s (regardless of what the company’s “Values
Statement” says). Back in 2008, at Smith
Barney, we had sold supposedly low-risk investments to our
clients. But instead of their value declining modestly during the
downturn, they went to very close to $0. I never found any
evidence of wrong-doing; but I did recognize that we had
nonetheless breached our clients’ trust, regardless of what the
small print said. I proposed that we share part of the losses
with them – both because it was the “right thing” to do, but also
very much because sharing the impact of the hit would, I thought,
be the “right business thing” to do. There were others who
disagreed; after much back-and-forth (and many “no’s”), my team’s
argument won the day, but it was clear I wasn’t long for the
company.

Squeeze every bit of personal development out of the
experience. Ok, this one can be hard. But in the
first few weeks out of the company, I made it a practice to ask
anyone and everyone what I could have done better or how I could
have managed the situation more effectively. This was hardly
pleasant, but surprised people into an invaluable honest
discussion.

…..But don’t listen to your
“frenemies.” But know who to listen to. I remember
a very senior, very connected, very savvy
woman who very kindly told me that my career
was over, that having a falling out with a large company was a
career-ending event, regardless of the reasons. She
authoritatively told me that a man might be able to have a next
career chapter, but a woman couldn’t. I chose to completely
ignore her.

Cut the cord with the old workplace more quickly than you
may want to. Here is where I made a real mistake.
I continued to speak regularly to my former colleagues; my
reasoning was that I wanted to be helpful to them and continue to
coach them. The truth is, it was a sad drag for them and for me.
I should have closed that door faster.

It’s important to have connections outside of your
company. This is pretty self-explanatory. But it’s
easy to tell yourself you’ll form these connections later, since
few people plan to be fired and the return on this investment can
be hard to see, when there are always more urgent matters.

If you’re able to, don’t make any big decisions right
away. I had a friend tell me shortly after I left
“When something like this happens, you think you’re thinking
straight, but you’re not. You won’t think straight for at least
three months.” If you have the luxury of avoiding any major
career decisions that long, the perspective you gain after
decompressing can be valuable.

Nobody cares as much about it nearly as much as you
do. I promise.

….But candor helps with future
employers. Evading the question wasn’t a
particularly good idea in 1985, when your awkward silence may
have been a give-away. In this age of social media, it’s an even
worse idea. Own it.

Good results help even more. Let’s face it:
it’s one thing to be swept out of a company because a new manager
wants to put his own team in place and another because you didn’t
deliver business results. In finding that next job, be fact-based
and specific on the business results you and your team achieved
in the prior one.

If you don’t get fired at least once, you’re not trying
hard enough. This isn’t quite true yet, but it is
becoming truer. As the pace of change in business increases, the
chances of having a placid career are receding. And if in this
period of rapid change, you’re not making some notable mistakes
along the way, you’re certainly not taking enough business and
career chances.

You can’t beat someone who won’t give
up. Yes, I read this on a bumper sticker, but it’s
still true.

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